Daily Market Price Updates and Commentary 1st September 2026

August proved to be an explosive month for No.11 prices with the funds reversing their previously sizable, short position and now standing their exposure at an impressive 103,970 lots long (with likely more to follow on this week’s report). On the early evidence today, they were keen to maintain the trend into September with Oct’26 initially pushed ahead to 18.14, though when the buying eased there were pullbacks as the fickle nature of specs and algorithms moved prices against the limited resting elements. In turn this appeared to raise some doubts and into the afternoon Oct’26 was pushed back to 17.67, but with most vested interest positioned from the long side the efforts failed to gain traction and prices moved back towards 18.00 on short covering. Activity was calm through the middle of the afternoon until funds made their move with a coupe of hours remaining and pushed prices higher once more. The usual pattern of buying into grower scales saw the price reach 18.41, the second highest achieved on this move, with supportive interest through the later stages ensuring that we ended near to this mark. An Oct’26 settlement was made at 18.36, still 30 points off last week’s mark but well within striking distance if the appetite from funds is maintained.  

Oct’26 moves into its final couple of weeks of trading with the picture still very positive, the market having established itself above $500 despite falling back from the highs following its meteoric rise to $566.80. Again, this morning we were seeing trading take place across a wide band, and the price moved between $530.20 and $514.60 through the first hour as activities from specs and growers drive values at rapid pace. Prices swung about this range across the rest of the morning but became rather more settled around noon towards the lower end of the band. This would devalue the appetite of specs to continue building however and as the afternoon progressed prices started to increase once again, building the gain to achieve new session highs during the last two hours. Recent movement is such that incredibly a high at $536.30 still left the chart facing an “inside day”, though with prices holding the upper end of the band there was a return to the lower $130’s for Oct/Oct’26 which arrests its recent slump. The final hour played out only just below the highs, leaving gains of almost $20 for the spot as Oct’26 settled at $534.00, while Oct/Dec’26 wiped out its discount and moved to $0.90 premium on a strong rolling volume of around 15,000 lots.